2:56 pm
Thursday 22 December 2022
I wrote-Manal Al-Masry:
Banque Misr and the National Bank of Egypt have raised the commission rate on cash withdrawals and purchases of dollars outside Egypt to 10% instead of 3%, according to data monitored by Masrawy through the two banks.
According to the data, the fee is deducted from the total value of cash withdrawals and purchases outside Egypt using direct debit cards (linked to the customer’s account) and credit cards known as credit cards (purchases).
With this move, the two banks aim to tighten restrictions on the use of foreign currency outside Egypt, at a time when banks are having difficulty obtaining dollars, according to sources who spoke to Masrawy.
Egypt is feeling increased pressure on the dollar after declining foreign currency assets, including the outflow of more than $20 billion of indirect foreign investment known as (hot money) in treasury bills and bonds during the year in course due to the negative consequences of the Russian-Ukrainian conflict.
Banks allow their customers to use their Egyptian pound denominated bank cards of various types outside of Egypt for purchases or cash withdrawals in the currency of the customer’s country of location through a global Swift system that allows you to exchange any card currency with the currency in which the customer receives a commission discount in exchange to enable the service.
According to the bankers, the increased fee is due to the misuse by some customers of making cash withdrawals in foreign currencies outside Egypt and reselling them on the black market, some customers are also taking steps to make purchases outside Egypt Egypt with the aim of trading in gold and clothes, not for personal use.
The decision to raise the commission rate on cash withdrawals outside Egypt in Al-Ahly and Egypt Banks came after two months ago they agreed to reduce the limits for cash withdrawals and purchases outside Egypt to alleviate the pressure on currency management, a decision that was implemented in all banks operating in Egypt.
